SMEs torn between optimism and caution
(26.08.2026) The economic situation for Swiss small and medium-sized enterprises improved slightly this summer. After a mixed start to the year, the Raiffeisen SME PMI rose from 49.4 to 50.7 points between June and July 2026.
After two months below the 50-point mark, the indicator returned to positive territory and moved back above the growth threshold. The improvement was driven mainly by export-oriented SMEs, which reported stronger order books.
Three of the index’s five components improved in July: order volumes rose from 48.5 to 51.9 points, production from 49.2 to 49.9 points and delivery times from 51.4 to 55.0 points. These developments could point to a gradual recovery, although similar upturns have often proved short-lived in recent years. The employment component continued to stagnate below the growth threshold (49.4 points in July, down 0.1 point), while inventories of goods fell by 4 points to 45.9 in July.
A special survey of SMEs also shows that order backlogs remain limited at many companies. For around half of the businesses surveyed, current order volumes represent less than two months of activity at an unchanged rate of production. Export-oriented SMEs are more likely to have orders covering two to four months, while companies primarily focused on the domestic market generally have orders extending over a longer period.
Overall, economic risks remain high. Rising energy prices, potential disruption to major transport routes and geopolitical tensions in the Middle East could all push up production costs and increase uncertainty.